5 Reasons To Avoid Do-it-yourself Conveyancing

Purchasing a new home is a major financial transaction and one which involves a complex legal process

. When there is such a large amount of money involved many people try to save on ancillary costs by doing a lot of the legwork themselves. Sometimes, they try to save the conveyancing costs by doing it themselves. If you have had some experience in this area or have a friend, who is competent enough to convince you that it can be done easily, think again!

Whilst it may be possible in some cases to do a simple conveyance, as can occur between family members for example, in the majority of cases issues can arise, which can cause headaches and may result in some unexpected costs.

So, before you start thinking about doing the conveyancing yourself, let's look at some reasons why you should use a competent conveyancing firm to do the job for you.

Cost. Conveyancing is a competitive industry and the professional fees associated with a simple conveyance will generally only be a few hundred dollars. It hardly seems worth while taking on the responsibility of a complex legal process, with which you have no experience, for the sake of saving a few dollars.

Costly mistakes. Whilst you might save some money on the professional fee involved in a conveyance by doing it yourself, you are opening yourself up to other penalty payments, which you may incur by, not adhering to the strict timeline that your contract demands. If you cannot complete all of your searches and have all documentation ready for settlement, you will have to ask for an extension of time. Extensions can only be granted by the seller and they can impose penalty interest payments for each day. In extreme cases the contract can be cancelled and you may even forfeit your deposit.

Search problems. What would you do if your searches revealed a caveat or a lien on your property? These legal issues can be difficult to resolve and generally require some expert legal intervention to overcome.

Boundary disputes. On many occasions, especially in older suburbs, boundary lines have become blurred and unless you are clear about the exact position of your boundary, you might find yourself responsible for replacing or fixing fencing that encroaches on your neighbour's property. Many do-it-yourself conveyancers ignore this issue, and it can cost them dearly in the years to come.

Contingencies. Most conveyancing firms these days include all contingencies, which may arise during the course of the settlement process. This means that you will not have to meet the extra expenses involved in request extensions of time or making adjustments to other minor contract details. If you are doing the conveyance yourself you will need to be able to immediately respond to all issues that arise.

Attempting to save money by doing the conveyancing yourself is simply not worth the risk. For the sake of a few hundred dollars this complex legal process can be taken out of your hands and you can enjoy the peace of mind that comes with knowing that by engaging the services of a conveyancing firm, you are in safe professional hands

by: Alexander Richard Martin

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